So after messing about, and finding bits of code online, i've managed to come up with this...

I hope it helps others looking to do the same thing.
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Sub wordslistChange()

Dim avar As Variant

avar = Split(Replace(ActiveDocument.Range.Text, vbCr, " "))

For i = LBound(avar) To UBound(avar)

i = i + 1

'MsgBox avar(i)

With Selection.Find
.ClearFormatting
.Text = avar(i)
On Error Resume Next
.MatchCase = True
.MatchWholeWord = True
.Replacement.ClearFormatting
.Replacement.Text = avar(i)
.Replacement.Font.Color = wdColorRed 'change colour as required
.Forward = True
.Wrap = Word.WdFindWrap.wdFindContinue
.Execute Replace:=Word.WdReplace.wdReplaceOne
End With

Next i

End Sub
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This basically populates the array and then does the odd even colour change magic.

Have fun people and feel free to mod the code to make it even more efficient.

Thank you